FAISALABAD: Textile exports have been going up steadily since the start of the current fiscal year in a positive sign that raises expectations that full-year proceeds will touch $13 billion after a hiatus of two years.
Textile shipments jumped 7.66% year-on-year to $5.51 billion in the first five months (July-November) of the current fiscal year, driven primarily by a surge in value-added textile exports.
In a review of the industry’s performance in the outgoing year 2017, Pakistan Textile Exporters Association (PTEA) Chairman Shaiq Jawed said in a statement that textile shipments had been on an upsurge since the start of 2017-18 in July following a continued fall in the previous fiscal year.
After hitting the peak at $13.73 billion in 2013-14, textile exports dropped to $13.47 billion in 2014-15 and $12.44 billion in 2015-16. Afterwards, they inched up 0.04% at $12.45 billion in 2016-17, but were still lower by more than a billion dollars than the peak.
Propped up by cash incentives under the prime minister’s trade package, textile exports took off, but challenges were still there that should be addressed to further ramp up growth, Jawed said.
Pointing to the industry’s lack of competitiveness both in domestic and international arenas, he called the high cost of energy a serious concern as the textile sector heavily banked on energy supplies to run its operations smoothly.
